
LAO says Gov’s budget takes the state into the red
The Legislative Analyst Elizabeth Hill today released her analysis of the governor’s proposed budget for 2007-08. What’s the bottom line on the budget proposal, from her point of view? Hill says that the budget result in a $726 million deficit as opposed to the Administration’s projection of a $2.1 billion reserve.
Here are a few noteworthy excerpts from the analysis’ highlights. All of the documents can be accessed here.
* Based on our projections, we estimate that the Governor’s budget plan would result in 2007-08 expenditures exceeding revenues by $2.6billion. This would leave the state with a $726million year-end deficit, compared to the Governor’s January 10th estimate of a $2.1billion positive reserve.
* In addition, the… Read More